Due to high-security concerns, requirements for the KYC are getting strict worldwide. For large business entities, identity verification is very essential when it comes to onboarding customers. Being identified without visiting any business office has multiple ways. It might be in the form of digital document identification or biometric identification. Moreover, another method is becoming more popular for customer verification in the world of ID identification. Video identification for ID is growing in the digital customer verification market.
Several industries, mainly the finance sector overlapping with Fintech applications in need of remote identity verification. Video identification for ID is included in the most appropriate methods used for identity verification digitally with the help of KYC experts.
What is video identification for ID?
Video identification for ID, also known as digital verification or digitally face-to-face KYC, is a fast, easy-to-use, and insanely secure method for the customers’ verification remotely.
Having an incredibly secure process in an organization of video identification for ID makes it difficult for fraudsters to commit identity theft crimes. It is also a process that ensures compliance.
Fraud Elimination: It is a strong preventive measure for thieves because the process is in a human-in-the-loop approach, which reduces the cyber risk significantly.
Faster Onboarding: This decreases the cost, and improves the efficiency of customers’ onboarding process.
KYC/AML Compliance: Knowing your customer using video, can help KYC/AML compliance. Its processes, build trust and allow you to obey the strict regulations.
General instructions – for Video identification for ID
In order to use video identification for ID for customer verification, some guidelines must have to follow by businesses.
- Record the video and capture screenshots of the customers during a video call.
- Took images while a customer is presenting identity documents.
- Compare the picture of the customer with at least one document they provide for verification.
- You must be using any Face recognition technology.
Is Video Identification secure for Businesses?
There is no doubt, that persistently performed video KYC processes are much safer than the on-site face-to-face identity verification being done. It is because AI-driven and machine learning video identification automates document recognition more efficiently with better outcomes.
Video identification for ID – Requirements for the verification
Here are some general requirements for video identification for ID for digital relations of a person with businesses.
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The Proviso of a Successful Interview with KYC Expert
End-user must be ready with identity documents and resources of identification:
- Identity documents, that might be proof of identification such as an ID Card, Passport, License, and other documents.
- Camera integrated device and clear “microphone”.
- Stable “internet”.
Also, It is compulsory to make the connection stable from both sides, for the better transmission of the data.
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Consent
At the outset of the video interview, the user consents to the entire identification process as well as to have their photo or screenshot taken. An electronic record is kept of this consent.
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Documents Verification
- For an individual
- Full name
- Date of Birth (DOB)
- Citizenship
- Address of residence.
- What is the purpose and nature of the relationship with business?
- Source of income
- Whether the person is involved in any illicit activity
- For Organization
- Name of the business
- Registration code
- Address of you your organization, where tasks are operational
- Legal representative
- Area of business activities
- What is the purpose and nature of the relationship?
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Video identification for ID – Customer’s Interview
It is possible that the interview process might be different from country to country, but there are some steps that are common;
- Checking the identity documents
Customers present their identity documents during a video call and upload them on the platform. The expert and system analyze the documents and ask the customer to take some specific steps if needed.
- End-user verification
In this process, customers’ photographs and the image on the identity document are the same to verify customer identification.
During the video KYC verification process, users might be instructed to manage their body gestures to be recognized easily.
Conclusion
In order to combat the growing risk of fraud and money laundering, these institutions need to deploy digitally advanced verification solutions. Video identification for ID – is a fast-paced and suitable process in which KYC expert tries to handle all the traditional methods of verification with digital or video verification. It is an incredibly secure method, that helps several industries, more specifically the businesses related to Fintech, and customer onboarding. Video identification for ID – has another benefit, that it is very helpful for the organizations that are obliged to follow the KYC/AML compliances for the end-user acquisition.
